Nigerian insurance firms paid a combined N15.2 billion in income taxes in 2025, more than double the N6.6 billion recorded in 2024, amid rising revenues and stronger earnings across the sector.
The figures are contained in the audited financial statements of 11 insurance firms for the 2025 financial year, analysed.
The documents showed that while most of the companies recorded significant growth in insurance revenues (income earned from coverage premiums) during the period, several firms also posted sharp increases in profit before tax (PBT), resulting in higher tax remittances.
The 11 insurance firms posted a combined insurance revenue of N827.49 billion in 2025, a 34 percent increase from N617.41 billion in 2024.
However, combined PBT fell nearly 15 percent to N162.18 billion in 2025 from N190.51 billion in 2024.
Custodian Investment Plc emerged as the highest taxpayer among the firms reviewed after paying N3.76 billion in income taxes in 2025, up from N1.48 billion in the previous year.
The company reported N141.4 billion in insurance service revenue for the year, compared to N96.2 billion in 2024, while profit before taxation rose to N77.35 billion from N62.4 billion.
AXA Mansard Insurance Plc followed with N3.34 billion in income taxes paid in 2025 against N1.91 billion in the previous year.
The insurer recorded N160.6 billion in insurance revenue during the year under review, up from N131.7 billion in 2024.
However, despite the rise in revenue, AXA Mansard’s profit before tax declined sharply to N6.12 billion from N31.69 billion, while profit for the year fell to N619.8 million from N25.97 billion.
‘NEM, SOVEREIGN, CORONATION DRIVE MID-TIER INSURERS’
NEM Insurance increased its company income tax payment from N428 million in 2024 to N1.88 billion in 2025.
The company posted N145.6 billion in insurance revenue, compared to N96.6 billion in the previous year, while profit before taxation stood at N27.56 billion, down from N33.7 billion in 2024.
Sovereign Trust Insurance also recorded a sharp increase as income tax paid jumped to N1.88 billion from N591.7 million in 2024.
The insurer, however, reported lower earnings, with profit before income tax declining to N878.9 million from N2.65 billion.
Insurance revenue for Sovereign Trust was N46.1 billion in 2025, compared to N40.4 billion in 2024.
Coronation Insurance Plc paid N1.08 billion in taxes in 2025, compared to N358.7 million in the previous year.
The company’s insurance revenue rose to N74.8 billion from N49.5 billion, although profit before tax fell to N9.65 billion from N13.81 billion.
Mutual Benefits Assurance Plc reported N958.2 million in income taxes paid during the year under review, against N800.7 million recorded in 2024.
The insurer posted N19.55 billion in insurance revenue, compared to N22.57 billion in the previous year, while profit before income tax increased slightly to N6.26 billion from N6.01 billion.
Cornerstone Insurance Plc paid N801.8 million in income taxes in 2025, up from N312.8 million in the previous year.
The company recorded N43.66 billion in insurance revenue during the year, compared to N30.37 billion in 2024, while profit before minimum and income tax declined to N7.13 billion from N17.67 billion.
‘AIICO, SUNU, LASACO, AND UNIVERSAL PAID LOWER TAXES’
AIICO Insurance Plc paid N623.4 million in income taxes in 2025, against N435.3 million in the previous year.
According to the filing, the insurer reported N137 billion in insurance revenue during the year under review, compared to N108.4 billion in 2024, while profit before income tax rose to N24.36 billion from N15.92 billion.
SUNU Assurances Nigeria Plc recorded N546.7 million in taxes paid during the period, compared to N122.9 million in the previous year.
Insurance revenue for 2025 was N21.6 billion in 2025, and N15.4 billion in 2024, while profit before tax was N2.0 billion in 2025, and N4.3 billion in 2024.
Lasaco Assurance Plc paid N328.1 million in company income taxes, up from N94.9 million in 2024.
The insurer recorded N30.9 billion insurance revenue for 2025, and N22.8 billion in 2024.
They posted a loss before tax of N2.6 billion in 2025, compared with a profit before tax of N1.9 billion in 2024.
Universal Insurance Plc recorded the lowest tax payment among the firms analysed.
They paid N43.1 million in 2025, compared to N31.3 million in the previous year.
The insurer reported N6.28 billion in insurance revenue in 2025, up from N3.47 billion in 2024, while profit before tax rose to N3.47 billion from N460.4 million.
